The loan period does not affect the total cost of the loan. true or false

Business

2 answers:

kupik [55]4 years ago

4 0

Answer:

False

Explanation:

almond37 [142]4 years ago

3 0

This statement is false. The loan period does get to affect the total cost of the loan. Loans tend to have an annual percentage rate applied to it when you had it. It is a term used to refer the interest rate of the loan you had acquired.

You might be interested in

What positive contributions can labor unions make to organizations pursuing the loyal soldier hr strategy?

Artyom0805 [142]

Positive contributions can labor unions make to organizations pursuing the loyal soldier hr strategy is that the benefits of a stable workforce help maintain high quality.

It helps in the cost reduction by the stable labor force.

It also helps in making the low cost product at a very good quality.

Organisations which are pursuing loyal soldier HR strategy always try to retain employees by providing them with a sense and feel of security which persuades them to work for some lower wages than they could be able to earn in competing firms.

Such organizations try to reduce cost by offering job security in place of high wages.

To know more about the loyal soldier hr strategy here:

brainly.com/question/7270549

#SPJ4

4 0

2 years ago

Many hydrothermal mineral deposits of copper, gold, silver, and other metals have been found in the countries bordering the paci

Brums [2.3K]

Qerrtuipkfszb bjgactyesouvpj jcotstick jcyo

7 0

3 years ago

Embree Corp. purchased a four-year insurance policy on May 1, Year 2, for $12,000, effective immediately. The company expensed t

BlackZzzverrR [31]

Answer:

a. Debit to Prepaid Insurance of $10,000

* Option for this question was missing so I have attached a similar question with this answer and answered accordingly.

Explanation:

Insurance purchased for four years was actually prepaid insurance on May 1, Year 2.

The company expensed all amount by positing following entry ( which is a wrong entry)

DR. Insurance Expense $12,000

Cr. Cash $12,000

It should be entered as follow:

DR. Prepaid Insurance $12,000

Cr. Cash $12,000

At the end of the year 2 8 months has been passed for which $2,000 is accrued and it will be recorded, as all the amount is charged to the expense account we will adjusted the remaining amount of $10,000 to correct this mistake.

Now at the end of year 2 the correct entry which will settle the expense and prepaid insurance as well is as follow.

DR. Prepaid Insurance $10,000

Cr. Insurance Expense $10,000